Alliancebernstein L.P. Reduces Stock Position in Magnolia Oil & Gas Corp $MGY

Key Points

• AllianceBernstein L.P. reduced its holdings in Magnolia Oil & Gas Corp by 2.5% to $136.35 million during the first quarter, after selling 138,515 shares.
• Magnolia Oil & Gas recently reported a quarterly earnings per share of $0.43, exceeding analyst expectations, despite a 5.3% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.15 per share, representing a 2.4% dividend yield, with a payout ratio of 31.41%.

Alliancebernstein L.P. reduced its stake in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,397,901 shares of the company's stock after selling 138,515 shares during the period. Alliancebernstein L.P. owned 2.78% of Magnolia Oil & Gas worth $136,351,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Opal Wealth Advisors LLC bought a new position in Magnolia Oil & Gas in the first quarter worth about $30,000. Parallel Advisors LLC raised its stake in Magnolia Oil & Gas by 122.8% in the first quarter. Parallel Advisors LLC now owns 2,308 shares of the company's stock worth $58,000 after buying an additional 1,272 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of Magnolia Oil & Gas by 16.8% during the first quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company's stock valued at $111,000 after purchasing an additional 629 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Magnolia Oil & Gas by 34.3% during the first quarter. Smartleaf Asset Management LLC now owns 5,072 shares of the company's stock valued at $128,000 after purchasing an additional 1,295 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new position in shares of Magnolia Oil & Gas during the first quarter valued at approximately $136,000. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Stock Up 1.9%

Shares of MGY traded up $0.44 on Wednesday, hitting $23.76. 295,401 shares of the stock traded hands, compared to its average volume of 2,612,854. The company has a market capitalization of $4.53 billion, a PE ratio of 12.45, a P/E/G ratio of 3.09 and a beta of 1.33. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.44 and a current ratio of 1.44. The business has a 50 day simple moving average of $23.73 and a 200 day simple moving average of $23.01. Magnolia Oil & Gas Corp has a one year low of $19.09 and a one year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.03. The company had revenue of $318.98 million during the quarter, compared to the consensus estimate of $311.58 million. Magnolia Oil & Gas had a net margin of 27.57% and a return on equity of 19.34%. The firm's quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.51 earnings per share. As a group, equities analysts forecast that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 11th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.60 annualized dividend and a dividend yield of 2.5%. Magnolia Oil & Gas's dividend payout ratio (DPR) is 31.41%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MGY. Piper Sandler raised their target price on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Wells Fargo & Company decreased their target price on shares of Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating for the company in a research note on Monday, June 16th. William Blair began coverage on shares of Magnolia Oil & Gas in a research note on Monday, August 25th. They set an "outperform" rating for the company. Citigroup reaffirmed a "sell" rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 10th. Finally, UBS Group reaffirmed a "buy" rating and set a $29.00 target price (up previously from $26.00) on shares of Magnolia Oil & Gas in a research note on Friday, June 13th. Four analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $26.67.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.